<PAGE> 1
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
FORM 10-K/A-2
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the year ended December 31, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from .................. to ..................
Commission file number 1-7067
UNITED COMPANIES FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Louisiana 71-0430414
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
4041 Essen Lane 70809
Baton Rouge, Louisiana (Zip Code)
(Address of principal executive office)
Registrant's telephone number, including area code (504) 924-6007
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange on
Title of each class which registered
------------------- ------------------------
NONE
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, Par Value $2.00
(Title of Class)
________________
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ ]
The aggregate market value of voting stock held by non-affiliates of
the registrant as reported by the National Association of Securities
Dealers Automated Quotation System/National Stock Market, as of March
10, 1995, was $349,805,588.
The number of shares of $2.00 par value stock issued and outstanding
as of March 10, 1995 was 13,883,937 excluding 579,841 treasury shares.
DOCUMENTS INCORPORATED BY REFERENCE
Management's proxy statement in connection with the Annual Meeting of
Shareholders held June 14, 1995 is incorporated by reference in Part III.
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<PAGE> 2
AMENDMENT TO APPLICATION OR REPORT
FILED PURSUANT TO SECTION 12, 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
UNITED COMPANIES FINANCIAL CORPORATION
AMENDMENT NO. 2
The undersigned registrant hereby amends the following items,
financial statements, exhibits or other portions of its Annual Report on Form
10-K for the year ended December 31, 1994, as previously amended by Amendment
No. 1 on Form 10-K/A-1, as set forth in the pages attached hereto:
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form
8-K
Exhibits
<TABLE>
<CAPTION>
Exhibit No. Description of Document
----------- -----------------------
<S> <C>
10.20(4) 1994 Form 11-K, Employees' Savings Plan and Trust
23.1(7) Consent of Deloitte & Touche LLP
Note references
</TABLE>
Index to Exhibits
<TABLE>
<CAPTION>
Exhibit No. Description of Document
----------- -----------------------
<S> <C>
10.20(4) 1994 Form 11-K, Employees' Savings Plan and Trust
23.1(7) Consent of Deloitte & Touche LLP
Note references
</TABLE>
The remaining items in Part IV, Item 14, have not been amended but are
included herewith.
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
UNITED COMPANIES FINANCIAL CORPORATION
By: /s/ Sherry E. Anderson
Sherry E. Anderson
Senior Vice President and Secretary
Date: June 28, 1995
1
<PAGE> 3
UNITED COMPANIES FINANCIAL CORPORATION
AND SUBSIDIARIES
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
Financial Statements
<TABLE>
<S> <C>
Included in Part II of this report:
Independent Auditors' Report Page 53
December 31, 1994 and 1993
Consolidated Balance Sheets Page 54
For the three years ended December 31, 1994
Consolidated Statements of Income Page 55
Consolidated Statements of Cash Flows Page 56
Consolidated Statements of Stockholders' Equity Page 57
Notes to Consolidated Financial Statements Pages 58-78
</TABLE>
Financial Statement Schedules
Included in Part IV of this report:
Individual financial statements of the registrant have been omitted because
consolidated financial statements of the registrant and its subsidiaries
required by Item 8 have been included in Part II of this report and, as of
December 31, 1994, the registrant was primarily an operating company and all
subsidiaries are wholly owned.
Schedule II Valuation and Qualifying Accounts, for the three years
ended December 31, 1994. Page 83
Schedule V* Supplementary Insurance Information, for the three years
ended December 31, 1994. Page 84
Schedule VI* Reinsurance, for the three years ended December 31,
1994. Page 85
_________________
* Filed in compliance with Article 7 of Regulation S-X.
80
<PAGE> 4
Exhibits
<TABLE>
<CAPTION>
Exhibit No. Description of Document
----------- -----------------------
<S> <C>
3.1(1) Articles of Incorporation, as amended
3.1A(2) Amendment to Articles of Incorporation effective April 28, 1994
3.2(1) By-Laws, as amended
4.2(4) Series A Junior Participating Preferred Stock Purchase Rights
10.1(1) 1986 Employee Incentive Stock Option Plan
10.2(1) Employee Stock Ownership Plan and Trust
10.3(1) Management and compensatory contracts with executive officers and
directors
10.4(1) Deferred compensation agreements
10.5(5) Management Incentive Plan, as amended
10.6(1) Employees' Savings Plan and Trust
10.7(1) Agreement for termination of employee agreement
10.8(1) Credit agreement dated October 11, 1988, as amended
10.9(1) Agreement for termination of employment agreement
10.10(1) Unfunded Salary Deferral Agreement dated April 1, 1989 with
executive officer
10.11(1) Split-Dollar Insurance Agreement dated April 1, 1989 with
executive officer
10.12(1) 1989 Stock Incentive Plan
10.13(1) 1989 Non-Employee Director Stock Option Plan
10.14(1) FMCA, Inc. Note Agreement dated as of October 1, 1990
10.15(1) 1992 Form 11K, Employees' Savings Plan and Trust
10.16(3) Stock Purchase Warrant dated as of July 1, 1993
10.17(1) 1993 Form 11K, Employees' Savings Plan and Trust
10.18(5) 1993 Stock Incentive Plan
10.19(5) 1993 Non-Employee Director Plan
11.1(6) Statement regarding computation of per share earnings
21.1(6) List of Subsidiaries of the Company
23.1(6) Consent of Deloitte & Touche LLP
</TABLE>
(1) Incorporated herein by reference to the designated Exhibit of the
Company's form 10-K dated December 31, 1993.
(2) Incorporated herein by reference to the designated Exhibit of the
Company's form 10-Q dated June 30, 1994.
(3) Incorporated herein by reference to the designated Exhibit of the
Company's Registration Statement on Form S-3 (SEC File No. 33-52739).
(4) Incorporated by reference to the designated Exhibit of the Company's Form
8-A dated August 5, 1994.
(5) Incorporated by reference from the designated Exhibit of the Company's
Proxy Statement filed with the Commission in connection with the 1994
Annual Meeting of Shareholders.
81
<PAGE> 5
(6) Filed herewith.
Exhibit No. 11.1 - Page 88
Exhibit No. 21.1 - Page 89
Exhibit No. 23.1 - Page 90
Reports on Form 8-K
None
82
<PAGE> 6
SCHEDULE II
UNITED COMPANIES FINANCIAL CORPORATION
AND SUBSIDIARIES
VALUATION AND QUALIFYING ACCOUNTS
FOR THE THREE YEARS ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E(3)
ADDITIONS DEDUCTIONS(2)
Charged
Balance at to Costs Charged Balance at
Beginning and to Other End
Description of Year Expenses Accounts (1) of Year
- ------------------------------------------------------------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C> <C>
December 31, 1994
- -----------------
Allowance for loan losses $ 21,017 13,457 $ (514) $ 17,452 $ 16,508
Allowance for bond losses 500 - - 500 -
Unearned loan charges 1,982 - - 873 1,109
-------- --------- --------- ---------- ---------
Total $ 23,499 $ 13,457 $ (514) $ 18,825 $ 17,617
======== ========= ========= ========== =========
December 31, 1993
- -----------------
Allowance for loan losses . . . $ 15,842 17,343 $ 36 $ 12,204 $ 21,017
Allowance for bond losses . . . - 500 - - 500
Unearned loan charges . . . . . 3,260 - - 1,278 1,982
-------- --------- --------- ---------- ---------
Total . . . . . . . . . $ 19,102 $ 17,843 $ 36 $ 13,482 $ 23,499
======== ========= ========= ========== =========
December 31, 1992
- -----------------
Allowance for loan losses . . . $ 15,962 10,027 $ (758) $ 9,389 $ 15,842
Allowance for bond losses . . . 3,000 - - 3,000 -
Unearned loan charges . . . . . 5,914 - 1,079 3,733 3,260
-------- --------- --------- ---------- ---------
Total . . . . . . . . . $ 24,876 $ 10,027 $ 321 $ 16,122 $ 19,102
======== ========= ========= ========== =========
</TABLE>
NOTES:
(1) Represents the approximate amount of unearned loan charges on
installment loans originated during the period.
(2) Represents loans and bonds charged off and loan charges earned during
the period.
(3) All of the above are deducted in the balance sheet from the asset to
which they apply.
83
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SCHEDULE V
UNITED COMPANIES FINANCIAL CORPORATION
AND SUBSIDIARIES
SUPPLEMENTARY INSURANCE INFORMATION
For the Three Years Ended December 31, 1994
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COLUMN A COLUMN B COLUMN C COLUMN D COLUMN F COLUMN G COLUMN H COLUMN I & J
Deferred Policy
Deferred Acquisition Cost
Policy Benefits, Amortization and
Acquisition Future Policy Unearned Premium Net Investment Claims, Other
Costs Benefits(1) Premiums Revenue(3) Income Losses, Etc. Operating Expenses(4)
- ------------------------------------------------------------------------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C> <C> <C> <C>
Year ended December
31, 1994 . . . . . . . $91,915 $1,542,475 $ 4,490 $11,373 $126,108 $12,654 $47,828
Year ended December
31, 1993 . . . . . . . $83,495 $1,418,310 $10,260 $18,684 $109,728 $18,200 $24,967
Year ended December
31, 1992 . . . . . . . $80,007 $1,272,732 $17,138 $22,860 $107,661 $20,843 $22,755
</TABLE>
NOTES:
(1) Column C includes accumulated fund values on annuity and interest
sensitive products.
(2) Column E is omitted as amounts are not material and are included with
Column C.
(3) Column F excludes premiums on annuity and interest sensitive products
which are accounted for as deposits.
(4) Column I and J are combined as actuarial method employed to determine
Deferred Policy Acquisition Cost provides only the net asset change
for the period.
84
<PAGE> 8
SCHEDULE VI
UNITED COMPANIES FINANCIAL CORPORATION
AND SUBSIDIARIES
REINSURANCE
FOR THE THREE YEARS ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F
Percentage
Ceded to Assumed of Amount
Direct Other From Other Net Assumed to
Amount Companies Companies Amount Net Amount
- ---------------------------------------------------------------------------------------------------------------------------------
(in thousands)
<S> <C> <C> <C> <C> <C>
December 31, 1994
- -----------------
Life insurance in force . . . . . . $ 709,883 $ 177,585 $ 1,106,148 $ 1,638,446 67.5%
============ ============= ============== ============
Premiums
Life insurance . . . . . . . . . $ 7,467 $ 1,931 $ 2,959 $ 8,495 34.8%
Accident and health
insurance . . . . . . . . . . 3,070 199 7 2,878
------------ ------------- -------------- ------------
Total premiums . . . . . $ 10,537 $ 2,130 $ 2,966 $ 11,373 26.1%
============ ============= ============== ============
December 31, 1993
- -----------------
Life insurance in force . . . . . . $ 956,788 $ 215,918 $ 1,106,721 $ 1,847,591 59.9%
============ ============= ============== ============
Premiums
Life insurance . . . . . . . . . $ 12,260 $ 2,672 $ 2,893 $ 12,481 23.2%
Accident and health
insurance . . . . . . . . . . 6,418 214 (1) 6,203 -
------------ ------------- -------------- ------------
Total premiums . . . . . $ 18,678 $ 2,886 $ 2,892 $ 18,684 15.5%
============ ============= ============== ============
December 31, 1992
- -----------------
Life insurance in force . . . . . . $ 1,220,191 $ 267,942 $ 963,449 $ 1,915,698 50.3%
============ ============= ============== ============
Premiums
Life insurance . . . . . . . . . $ 18,437 $ 4,761 $ 2,468 $ 16,144 15.3%
Accident and health
insurance . . . . . . . . . . 6,942 204 (22) 6,716 -
------------ ------------- -------------- ------------
Total premiums . . . . . $ 25,379 $ 4,965 $ 2,446 $ 22,860 10.7%
============ ============= ============== ============
</TABLE>
85
<PAGE> 9
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit No. Description of Document
----------- -----------------------
<S> <C>
3.1(1) Articles of Incorporation, as amended
3.1A(2) Amendment to Articles of Incorporation effective April 28, 1994
3.2(1) By-Laws, as amended
4.2(4) Series A Junior Participating Preferred Stock Purchase Rights
10.1(1) 1986 Employee Incentive Stock Option Plan
10.2(1) Employee Stock Ownership Plan and Trust
10.3(1) Management and compensatory contracts with executive officers and
directors
10.4(1) Deferred compensation agreements
10.5(5) Management Incentive Plan, as amended
10.6(1) Employees' Savings Plan and Trust
10.7(1) Agreement for termination of employee agreement
10.8(1) Credit agreement dated October 11, 1988, as amended
10.9(1) Agreement for termination of employment agreement
10.10(1) Unfunded Salary Deferral Agreement dated April 1, 1989 with
executive officer
10.11(1) Split-Dollar Insurance Agreement dated April 1, 1989 with
executive officer
10.12(1) 1989 Stock Incentive Plan
10.13(1) 1989 Non-Employee Director Stock Option Plan
10.14(1) FMCA, Inc. Note Agreement dated as of October 1, 1990
10.15(1) 1992 Form 11K, Employees' Savings Plan and Trust
10.16(3) Stock Purchase Warrant dated as of July 1, 1993
10.17(1) 1993 Form 11K, Employees' Savings Plan and Trust
10.18(5) 1993 Stock Incentive Plan
10.19(5) 1993 Non-Employee Director Plan
11.1(6) Statement regarding computation of per share earnings
21.1(6) List of Subsidiaries of the Company
23.1(6) Consent of Deloitte & Touche LLP
</TABLE>
(1) Incorporated herein by reference to the designated Exhibit of the
Company's form 10-K dated December 31, 1993.
(2) Incorporated herein by reference to the designated Exhibit of the
Company's form 10-Q dated June 30, 1994.
(3) Incorporated herein by reference to the designated Exhibit of the
Company's Registration Statement on Form S-3 (SEC File No. 33-52739).
86
<PAGE> 10
(4) Incorporated by reference to the designated Exhibit of the Company's
Form 8-A dated August 5, 1994.
(5) Incorporated by reference from the designated Exhibit of the Company's
Proxy Statement filed with the Commission in connection with the 1994
Annual Meeting of Shareholders.
(6) Filed herewith.
Exhibit No. 11.1 - Page 88
Exhibit No. 21.1 - Page 89
Exhibit No. 23.1 - Page 90
87
<PAGE> 1
EXHIBIT 11.1
UNITED COMPANIES FINANCIAL CORPORATION AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF EARNINGS PER SHARE
<TABLE>
<CAPTION>
Year Ended December 31,
--------------------------------------------
1994 1993 1992
----------- ------------ -----------
(in thousands, except per share amounts)
<S> <C> <C> <C>
Primary Earnings Per Share
- --------------------------
Income available to common shareholders:
----------------------------------------
Income from continuing operations . . . . . . . . $ 54,582 $ 28,317 $ 13,014
Less: Loss from discontinued operations . . . . . (5,048) (16,742) (2,768)
---------- ----------- ----------
Net income . . . . . . . . . . . . . . . . . . . . 49,534 11,575 10,246
Less: Dividends on preferred stock . . . . . . . . - (333) -
---------- ----------- ----------
Total . . . . . . . . . . . . . . . . . . . . . . $ 49,534 $ 11,242 $ 10,246
========== =========== ==========
Weighted average number of common and
common equivalent shares:
--------------------------------------------
Average common shares outstanding . . . . . . . . 13,649 10,652 9,917
Add: Dilutive effect of stock options after
application of treasury stock method . . . 596 452 -
---------- ----------- ----------
14,245 11,104 9,917
========== =========== ==========
Earnings (loss) per share:
--------------------------
Income from continuing operations . . . . . . . . $ 3.83 $ 2.52 $ 1.31
Loss from discontinued operations . . . . . . . . (.35) (1.51) (.28)
---------- ----------- ----------
Total . . . . . . . . . . . . . . . . . . . . . . $ 3.48 $ 1.01 $ 1.03
========== =========== ==========
Fully Diluted Earnings Per Share
- --------------------------------
Income available to common shareholders:
----------------------------------------
Income from continuing operations . . . . . . . . $ 54,582 $ 28,317 $ 13,014
Less: Loss from discontinued operations . . . . . (5,048) (16,742) (2,768)
---------- ----------- ----------
Total . . . . . . . . . . . . . . . . . . . . . . $ 49,534 $ 11,575 $ 10,246
========== =========== ==========
Weighted average number of common and
all dilutive contingent shares:
-----------------------------------------------
Average common shares outstanding . . . . . . . . 13,649 10,652 9,917
Add: Dilutive effect of stock options after
application of treasury stock method . . . 596 687 -
Dilutive effect of preferred stock after
application of "if converted" method . . . - 514 -
---------- ----------- ----------
14,245 11,853 9,917
========== =========== ==========
Earnings (loss) per share:
--------------------------
Income from continuing operations . . . . . . . . $ 3.83 $ 2.39 $ 1.31
Loss from discontinued operations . . . . . . . . (.35) (1.42) (.28)
---------- ----------- ----------
Total . . . . . . . . . . . . . . . . . . . . . . $ 3.48 $ .97 $ 1.03
========== =========== ==========
</TABLE>
88
<PAGE> 1
EXHIBIT 21.1
UNITED COMPANIES FINANCIAL CORPORATION
LIST OF SUBSIDIARIES
DECEMBER 31, 1994
<TABLE>
<CAPTION>
State of
Name Incorporation
- ---- -------------
<S> <C>
UNITED COMPANIES LIFE INSURANCE COMPANY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Louisiana
UNITED COMPANIES LENDING CORPORATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Louisiana
UNITED PLAN INSURANCE AGENCY, INC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Louisiana
UNITED COMPANIES MORTGAGE OF TENNESSEE, INC. (1) . . . . . . . . . . . . . . . . . . . . . . . . . Tennessee
PELICAN MORTGAGE COMPANY, INC. (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Delaware
ADOBE, INC (2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nevada
GINGER MAE(R), INC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Louisiana
UNICOR MORTGAGE(R), INC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Louisiana
UCFC ACCEPTANCE CORPORATION (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Louisiana
UNITED COMPANIES REALTY AND DEVELOPMENT COMPANY, INC. . . . . . . . . . . . . . . . . . . . . . . . Louisiana
UNITED COMPANIES MANAGEMENT COMPANY, INC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Louisiana
UNITED COMMUNICATIONS CORPORATION OF LOUISIANA, INC. . . . . . . . . . . . . . . . . . . . . . . . Louisiana
UNITED GENERAL TITLE INSURANCE COMPANY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Louisiana
FOSTER MORTGAGE CORPORATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Louisiana
SOUTHERN MORTGAGE ACQUISITION, INC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Louisiana
</TABLE>
____________________
(1) Wholly-owned by United Companies Lending Corporation.
(2) Wholly-owned by Pelican Mortgage Company, Inc.
89
<PAGE> 1
EXHIBIT 23.1
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference of our opinion dated February 28,
1995 (May 1, 1995 as to Note 13 and Item 14, Schedules V and VI) (which
expresses an unqualified opinion and includes an explanatory paragraph relating
to the Company's plan to dispose of United General Title Insurance Company, a
wholly-owned subsidiary of the Company) appearing in the Annual Report on Form
10-K, as amended by Amendments 1 and 2, of United Companies Financial
Corporation for the year ended December 31, 1994 in the following:
Registration Statement No. 33-15326 on Form S-8 pertaining to the United
Companies Financial Corporation 1986 Employee Incentive Stock Option Plan,
Registration Statement No. 33-17366 on Form S-8 pertaining to the United
Companies Financial Corporation Employees' Savings Plan and Trust, Registration
Statement No. 33-29994 on Form S-8 pertaining to the 1989 Stock Incentive Plan
and the 1989 Non-Employee Director Stock Option Plan, Registration Statement
No. 33-54955 on Form S-8 pertaining to the 1993 Stock Incentive Plan and the
1993 Non-Employee Director Stock Option Plan, Registration Statement No.
33-68626 on Form S-3 pertaining to the registration of 1,951,204 shares of
United Companies Financial Corporation Common Stock, Registration Statement No.
33-55227 on Form S-3 pertaining to the registration of $200 million of United
Companies Financial Corporation Debt Securities and Preferred Stock,
Registration Statement No. 33-52739 on Form S-3 pertaining to the registration
of 200,000 shares of United Companies Financial Corporation Common Stock and
Registration Statement No. 33-60637 on Form S-3 pertaining to the registration
of $200 million of United Companies Financial Corporation Debt Securities and
Preferred Stock.
/s/ DELOITTE & TOUCHE LLP
Baton Rouge, Louisiana
June 28, 1995
90
